Tax could cost UBS up to 10 percent of Europe assets Reuters

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ZURICH (Reuters) - UBS AG (VTX:UBSN.VX - News) could see up to 10 percent of its European assets of 300 billion Swiss francs ($312.52 billion) moved out due to pressure to clamp down on untaxed accounts, the head of the wealth management business was quoted as saying on Saturday.

"We have been losing assets in Europe for many quarters, around 10 billion francs to date," Juerg Zeltner told the Finanz und Wirtschaft newspaper in an interview.
"And we expect further asset outflows going forward, in the region of 12 to 30 billion francs. That's a bitter pill to swallow. We are able offset this erosion thanks to strong growth in new markets."
Zeltner said UBS had assets under management of over 300 billion francs in Europe, over 170 billion francs in Asia, around 110 billion francs in emerging markets and 130 billion in Switzerland.